Changes at Smiths Group include job losses
1 min read
Technology company Smiths Group has announced job cuts among a number of changes that may see tax issues eventually drive its headquarters from the UK.
The company said that to improve customer focus and reduce cost, its operating divisions will be managed from divisional headquarters that will be relocated from London’s Finchley Road.
Smiths Medical will be headquartered at its St Paul, Minnesota facility in the US, while Smiths Detection will be based alongside its major UK operation in Watford.
From 1 August 2008, the Smiths Specialty Engineering division will be disbanded. John Crane, currently managed and operated as two separate units by teams in the UK and the US, will be unified and have its headquarters close to Chicago, Illinois. The other Specialty Engineering businesses, Smiths Interconnect and Flex-Tek, will continue to be run from their existing US locations.
Approximately 65 positions will be eliminated from across locations in the UK, the US and the Netherlands.
The future location of the corporate centre is also under review to be completed so that any changes can take effect around the end of the year.
The company said: “Whilst there is no current intention to move the domicile of the company from the UK, the Board is closely monitoring possible changes to UK tax legislation given the very high percentage of profits generated overseas following the disposal of Smiths Aerospace.”
